<h1>Government Seeks Public Feedback on Plan to Cut Corporate Tax Rate to 25%, Phasing Out Exemptions Under Income-Tax Act.</h1> The government is seeking public comments on a proposed plan to reduce the corporate tax rate from 30% to 25% by phasing out various exemptions and deductions under the Income-Tax Act. This initiative aims to simplify tax laws, enhancing transparency and clarity. The plan includes eliminating profit-linked, investment-linked, and area-based deductions for corporate and non-corporate taxpayers. Existing sunset dates for tax provisions will remain unchanged, and a new sunset date of March 31, 2017, will be introduced for certain tax incentives. No weighted deductions will be allowed from April 1, 2017. Public feedback is invited within 15 days.